Toffees boss has abandoned hopes of high finish this season
The Scot had expressed his ambition of conquering the upper reaches of the Premier League table before the start of this season, but recognises that it is now impossible following his side's poor form.
"I think City are a stronger side, they have had a year more of development," he told reporters.
"They are a good side with good players and they have got themselves in a healthy position. You won't know until the end but I would still put them as outsiders to win the Premier League.
"They have spent again to get themselves up there and they look as if they are a bit more established.
"I hoped we would have been in a similar position but our start and the way we are at the moment makes that look very impossible."
However Moyes is convinced that the Toffees can cause problems for third-placed City and that
with faith and a bit of luck, they can claim all three points on Monday.
"The players know if it is our night we are more than capable of getting a result," he said.
“What we have not had is enough days where it has been our day this season. But we are a good team as well - that gives us a chance of going there and showing what we can do.
"We have done that in a lot of games and we will have to do that again in what will be a tough game.”